Floor Payment definition

Floor Payment. With respect to the Floor Agreement, the product of (i) the excess, if any, of (x) the Floor Strike Rate, over (y) the greater of (a) one-month LIBOR (as calculated pursuant to the Floor Agreement) and (b) the Floor Ceiling Rate, (ii) the Floor Notional Balance (as set forth on Schedule Five hereto) and (iii) a fraction, the numerator of which is the actual number of days elapsed from the previous Distribution Date to but excluding the current Distribution Date (or, for the first Distribution Date, the actual number of days elapsed from the Closing Date to but excluding the first Distribution Date), and the denominator of which is 360.
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Floor Payment. With respect to the Floor Agreement, the product of (i) the excess, if any, of (x) the Floor Strike Rate, over (y) the greater of (a) one-month LIBOR (as calculated pursuant to the Floor Agreement) and (b) the Floor Ceiling Rate, (ii) the Floor Notional Balance (as set forth on Schedule Five hereto) and (iii) a fraction, the numerator of which is the actual number of days elapsed from the previous Distribution Date to but excluding the current Distribution Date (or, for the first Distribution Date, the actual number of days elapsed from the Closing Date to but excluding the first Distribution Date), and the denominator of which is 360. Floor Provider: The floor provider under the Floor Agreement and any successor in interest or assign. Initially, the Floor Provider shall be The Bank of New York.
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Examples of Floor Payment in a sentence

  • Any Class Coupon Floor Payment shall be made in accordance with Sections 8 and 9.

  • Payment Shortfalls or Class Coupon Floor Payment Shortfalls from the Group Finance Charge Collections Reallocation Account.

  • Floor Payment Shortfalls from the Group Finance Charge Collections Reallocation Account.

  • The Company will reduce the amount of the Annuity Payment and Floor Payment by a percentage determined by dividing the amount of the Withdrawal, including the amount of the Withdrawal Charge, by Account Value on the date of the Withdrawal.

  • Upon a partial Withdrawal during the Liquidity Period under Option 9, the Company will adjust the amount of the Annuity Payment and Floor Payment as follows.

  • If either the Commencement Date, the Top Floor Payment Commencement Date or the Termination Date occurs on a date other than the first or last day, respectively, of a calendar year, Tenant’s Share of Operating Expenses for the year in which the Commencement Date, Top Floor Payment Commencement Date or Termination Date occurs shall be prorated based on a 365-day year.

  • Annuity Payments under this option are guaranteed never to be less than 80 percent of the initial Annuity Payment ("Floor Payment"); provided that the Floor Payment is adjusted in the event of a Withdrawal.

  • A Class A-1 Swap Payment, the Floor Payment and a Swap Payment, as applicable.

  • If the Commencement Date or the Top Floor Payment Commencement Date occurs on a day other than the first day of a calendar month, or the Termination Date occurs on a day other than the last day of a calendar month, then the Base Rent for such fractional month will be prorated on the basis of the actual number of days in such month.

  • Term: 120 months from the Commencement Date Commencement Date: December 1, 2003 Top Floor Payment Commencement Date: January 1, 2005 Expiration Date: November 30, 2013 Initial Base Rent: $25.34 per sq.